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ECB causes FTSE slump

The FTSE 100 has fallen 11 points or 0.19% to close down at 5,833 after the European Central Bank signalled it may keep raising rates following today's 25bp increase, prompting concern economic growth may slow.

Partygaming.com topped the losers with a fall of 4.5p or 3.54% to 122.5p, closely followed by Intercontinental hotels which slipped 22p to 847.5p.

BHP Billiton and Royal Bank of Scotland also paced the decline, as BHP Billiton, the world's largest mining company, dropped 4p or 0.41% to 968.5p, while Royal Bank of Scotland, Britain's second-largest bank, lost 34p, or 1.76%, to 1,899p.

European Central Bank Chairman Jean-Claude Trichet said ``upside risks'' to inflation ``prevail,'' as the ECB today raised its key rate a quarter-point to 2.5%, the second increase since December.

But Standard Chartered did its best to rally the index as it gained 72p to 1,543p, as Asia-focused bank hiked full year pre-tax profits by 19% to $2.68bn compared with $2.25bn a year earlier, while total assets soared 46% to $215bn from $147bn.

Aviva also gained after announcing a better than expected 29% increase in worldwide operating profit to £2.90bn. It is also confident about its prospects, as its shares rose 27.5p to 818.5p.

Meanwhile in the US this afternoon, the Dow Jones Industrial Average index has fallen 22.74 points to 11,030.79, as crude oil prices headed higher and investors digested mixed numbers from the retail sector.

If you have any comments you would like to add to this story or would like to speak to its author about a similar subject, telephone Nyree Stewart on 020 7484 9558 or email [email protected].